Mesoblast shares jump 19.7% on strong Ryoncil revenue
Key points
- Mesoblast reported a 44% year-on-year jump in first-quarter net revenue from Ryoncil sales to US$28 million.
- Mesoblast shares surged 19.7% to $2.36 in afternoon trade following the announcement.
- The company stated that growth was driven by record monthly new patient starts and the commencement of registration trials for adult patient expansion.
Mesoblast (ASX:MSB) reported a 44% year-on-year increase in first-quarter net revenue from Ryoncil sales, which reached US$28 million for the period.
This growth followed record monthly new patient starts during the quarter, rebounding from traditional summer-recess treatment scheduling drops seen in July and August.
The company stated that the registration trial for expanding Ryoncil use into adult patients has commenced, with up to 40 sites expected to be activated across the United States this year.
Mesoblast reported that these activated sites represent approximately 60% of the estimated 8,500 annual US allogeneic adult bone marrow transplant patient population.
The business also reported holding US$99 million in cash as of Sept. 30, significantly up from US$14.9 million one year prior.
Following the announcement, the Mesoblast share price was up at $2.36.
The biotech firm continues to focus its broader commercial strategy on advancing its proprietary cellular therapy treatments through late-stage clinical trials and regulatory approvals.
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